Sanders: Trump tax plan makes 'rigged' system 'worse'

Sanders: Trump tax plan makes 'rigged' system 'worse'
© Greg Nash

Sen. Bernie SandersBernie SandersTammy Duckworth is the epitome of the American Dream On The Money: Deficit rises to record .7 trillion amid pandemic: CBO | Democrats sidestep budget deal by seeking 0B in emergency spending | House panel advances spending bill with funding boost to IRS Biden-Sanders unity task force calls for Fed, US Postal Service consumer banking MORE (I-Vt.) on Wednesday railed against President Trump's proposed tax plan, saying it would make the "rigged economy" even worse. 

"At a time when we have a rigged economy designed to benefit the wealthiest Americans and largest corporations, President Trump’s new tax plan would only make that system worse," Sanders said in a statement.

"He would slash taxes for himself and his billionaire friends and significantly increase the deficit, while doing little to help rebuild the collapsing middle class," he added.

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The White House unveiled a list of sweeping reforms to the tax code on Wednesday aimed at simplifying the system and doing away with most deductions. The plan would lower the number of tax brackets from its current seven to three and would wipe out all deductions for individuals, except for the mortgage interest and charitable donation deductions.

But the plan also calls for an end to the estate tax and alternative minimum tax and would dramatically slash the corporate tax rate from 35 percent to 15 percent.

"Rather than making large profitable corporations — many of which pay nothing in federal income tax — finally contribute their fair share, Trump wants to give them a huge tax break," Sanders said.